Elements of a Valid Contract

Topics: Contract, Gentlemen's agreement, Super Bowl Pages: 2 (857 words) Published: July 1, 2012
The purpose of this paper is to provide you with the four elements of a contract also to explain how these elements are important. This will also include information on the objective theory of contracts and how they relate to the case that of Pepsi. In conclusion it will also be noted why the courts agreed that this case was not a liable contact and the company was not in fault or in breach of the contest rules. I will also go on to explain why advertisements are not generally considers offers in a contest. ELEMENTS OF A VALID CONTRACT

In today’s society it is a must to be knowledge in business contracts. Most people will enter into a contract once in their lives. This could be through renting a property, buying a property, wining a settlement, starting a business or going into a business with another party. The list goes on and on, so it is important for you to know what you are getting into when signing a contract or writing a contract. Also, what legal matters can arise from not abiding from the contract in its entirety? When you enter into a contract with at person or a business the most important thing is to make sure that everything is correct and in order before agreeing to the deal. The four elements of a contract are agreement, consideration, legal, and contractual capacity. In order for a contract to be drawn there must be an agreement between all parties that are involved. This means that everyone is in agreement with the terms of the contract. You should never consent to a contact that you are not agreeable to because signing the contact means that you are in agreement with the other parties involved. Consideration can be looked at in many different ways of how the item is going to be paid for. Sometimes it is over a period of month or years or it can be for the exchange of goods and services. Another way is to pay up front via wire, cashier’s check, cash, or even a personal check. However if this is your first transaction with the...
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